A survey conducted by an online letting agent has revealed that most landlords in the UK find their full or part-time jobs less stressful than managing their rental properties, underlining the importance of contracting a professional inventory service.
The survey suggested that arrears create the most cause for concern, with 87% of participants linking them to stress, while 80% cited the prevalence of tenant complaints. Research also indicated that 43% were concerned about the difficulties associated with repairs, with 40% drawing attention to new immigration laws and 28% troubled over securing financing in order to expand their property portfolios. Furthermore, 25% mentioned tax, while 23% blamed partners without a full understanding of the struggles involved in managing buy-to-let properties.
However, the survey did draw attention to the negligible amount of reported stress that came as the result of finding new tenants, a strong reminder of the demand that the market is currently experiencing.
Taking both the strong demand for rental properties and the anxiety over arrears into account, we suggest that there has never been a better time to conduct thorough reference and background checks. Identifying problem tenants will save on potential evictions and arrears in the future, so we would advise that you run credit checks, ask for proof of both identity and address and talk to your prospective tenant in order to assess their character.
You should also take advantage of Yellow Oak Inventories LTD’s professional inventory service. Landlords rely upon our service to create exhaustive inventory reports detailing the condition of their property, contents, fittings and fixtures before it becomes occupied by the tenant. This can then be used as a binding agreement between them and their tenants, protecting them from the cost of repairs that were not their fault.
Yellow Oak Inventories LTD is APIP and AIIC accredited, with years of experience within the property industry, so each of our clerks is an expert in uncovering damage hidden by tenants. Each report is comprehensive and supported by digital colour photographs of every room and specific piece of damage. If you want to lower the level of stress associated with owning a buy-to-let property, just contact one of our team members today.